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• President Donald Trump departed Washington this morning for the NATO Leaders’ Summit in The Hague.
• Trump announced a ceasefire between Iran and Israel after a symbolic Iranian strike provided an offramp to the conflict. While a ceasefire appears to be in the short-term interest of both Iran and Israel, accusations of violations from both sides are already putting the truce on shaky ground.
• Trump responded to ceasefire violations with the strongest language he has used towards Israel. The long-term durability of the ceasefire may ultimately come down to Israel’s determination that it has achieved its military objectives.
• Analysts largely agree that strikes on Iran’s nuclear facilities are unlikely to permanently end its nuclear programme, but Trump’s military authorisation transforms a decades-long theoretical threat into a credible threat, which could be sufficient to convince Tehran to return to the nuclear negotiating table.
• Wall Street economists are walking back their most pessimistic forecasts for the US economy.
• Senate Majority Leader John Thune (R-SD) intends to hold the first procedural votes on the 'Big Beautiful Bill' on Thursday as the Senate rewrites key items in the package and confronts issues flagged by the Senate Parliamentarian.
• Fed Chair Jay Powell will deliver testimony to the House Financial Services Committee amid claims from Trump that the Fed should assist in reducing the cost of servicing the national debt.
• Poll of the Day: NATO is viewed more favorably than not by most member states. 

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